China, long the leading destination for Omani crude exports, saw its share slide to 55.50 per cent of total exports of 29.741 million barrels during August 2019, the Ministry of Oil and Gas said in its monthly report of hydrocarbon production export trends. The decline represented a 22.54 per cent fall over the previous month’s level.
Japan saw its share rise notably in August to 16.05 per cent of total Omani exports for the month, representing a 13.71 per cent increase over the previous month’s figure. India too posted an uptick in the import of Omani crude, its share rising to 13.19 per cent in August, entailing an increase of 8.49 per cent over the previous month.
Malaysia accounted for 8.42 per cent of total Omani crude exports in August, followed by Myanmar, with a 6.84 per cent share. Oman’s total crude and condensate production amount to 30.079 million barrels in August, representing a daily average output of 970,305 barrels. Exports averaged 959,406 barrels per day during the month.
Crude oil prices have slipped down during the August 2019 futures settlement compared with July 2019 for the major crude oil benchmarks around the world. The West Texas Intermediate crude oil at the New York Mercantile Exchange (NYMEX) averaged $54.81 per barrel, down by $2.80 compared to July 2019 trading. North Sea Brent blend on the ICE in London averaged $59.42 per barrel, down by $4.80 compared to July 2019.
Likewise, the average monthly price for Oman Crude Oil Future’s Contract at the Dubai Mercantile Exchange (DME) dipped 6.6 per cent compared with previous month. The official selling price for Oman Crude Oil during trading of August 2019, for the delivery month of October 2019, settled at $59.68 per barrel, declining by $4.20 compared to September 2019 delivery. The daily trading marker price ranged between $57.59 per barrel, and $63.66 per barrel.
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